18. July 2011 12:02
Teva Pharmaceutical has completed the full acquisition of Japanese firm Taiyo in a $934 million cash deal.
The deal for the generics manufacturer follows an agreement in May this year which saw Teva purchase a 57% share in Taiyo for $460 million.
Shlomo Yanai, President and CEO of Teva, says the acquisition is an “important milestone” for the company.
Israel-based Teva is the largest generics company in the world and had aimed to increase its presence in Japan. The deal will see the company add more than 550 products to its existing portfolio and meets its Japanese strategy.
There is a relatively low generic market in Japan, although it is now being actively encouraged by the Japanese government.
Taiyo currently has annual sales of approximately $530 million with Teva now expecting to exceed its original 2015 target of exceeding sales in the country of $1 billion.
“The acquisition of Taiyo, along with Teva’s existing Japanese business, assures that Teva will deliver on our strategic objective of becoming a leading player in Japan,” said Shlomo Yanai.